Bloomberg News reports:
The company behind former President Donald Trump’s Truth Social wants $1.5 billion in damages from news organizations which reported that the platform had lost $73 million.
Lawyers for Trump Media & Technology Group Corp. said in a lawsuit filed Monday in state court in Sarasota County, Florida, that the number was “an utter fabrication” and accused 20 news outlets of a “deliberate, malicious, and coordinated attack” against Truth Social.
Outlets including the Guardian and Reuters posted stories early last week about Truth Social’s financial condition, citing a regulatory filing by its merger partner, Digital World Acquisition Corporation, a special-purpose acquisition company. Later, at least some of the outlets, including Reuters, posted corrections on their stories.
From the updated Reuters story:
Former U.S. President Donald Trump’s social media platform Truth Social lost $31.6 million from its launch in early 2022 to mid-2023, a securities filing by Digital World Acquisition Corp (DWAC.O), the SPAC that plans to merge with the company, showed on Monday.
In 2022, Truth Social posted a profit of $50.5 million, with net sales of just $1.4 million. It lost $23 million in the first half of this year, with net sales of $2.3 million.
Trump Media & Technology Group’s (TMTG) independent registered public accounting firm has indicated that the financial condition raises substantial doubt as to its ability to continue as a going concern, according to the filing.
The company behind former President Donald Trump’s Truth Social wants $1.5 billion in damages from news organizations which reported that the platform had lost $73 million https://t.co/j0V20dfYjA
— Bloomberg (@business) November 21, 2023
— johnny dollar (@johnnydollar01) November 21, 2023